Estonian fintech Tuum raises €25M

Estonian cloud API-based core banking platform Tuum has raised €25M in a series B from lead investor German CommerzVentures with the participation from Austrian VC Speedinvest and other existing investors.

Founded in Tallinn in 2019 by Jan Lakspere, Ove Kreison, Rivo Uibo and Vilve Vene, Tuum's platform enables financial service providers (banks, fintech startups and other financial institutions) to introduce new credit products, new payment options or new banking core to their customers or perform legacy migrations in a short period of time. The startup has offices in Tallinn, Berlin, and Malaga.

According to Tuum, it has customers in 10 countries, with a strong presence in the UK and the Nordics. The company will use the investment to expand into the DACH, region, Southern Europe and the Middle East. It will also enhance its product offering and continue to work on market development.

In 2023, Tuum's top management team has undergone some changes. A former chief revenue officer of payment platform DT One Myles Bertrand, replaced the startup's CEO Sergei Anikin. A former managing director of Mambu Edgardo Torres-Caballero, became the new chief revenue officer.